MACHINERY
Global PMX voices optimism
Global PMX Co Ltd (智伸科), which provides mechanical parts for the automotive, storage device and medical segments, yesterday elected new board directors at its annual general meeting and voiced optimism about its gross margin outlook for the rest of this year. Lin Cheng-sheng (林正盛) was elected chairman, replacing Lin En-tao (林恩道), who is to serve as the firm’s president, Global PMX said. Gross margin, which improved to 32.87 percent last quarter, compared with 28.83 percent in the same period last year, is expected to further increase due to a better product mix and improved production processes, it added.
CHIPMAKERS
Nanya sells Micron shares
DRAM chipmaker Nanya Technology Corp (南亞科技) yesterday said it has sold 1.26 million shares of Micron Technology Inc for US$40 million to replenish its operating capital and repay debt. The sale is to contribute about US$18 million to net profit this quarter, the firm said. Nanya president Lee Pei-ing (李培瑛) told a teleconference that the transaction would not affect technological cooperation between the companies. Nanya holds a 5.11 percent stake in Micron after the sale, the firm said.
INVESTMENT
Overseas investment jumps
Excluding China, profits derived from overseas investment in the nation’s listed companies registered a 73.06 percent annual rise to NT$100.2 billion (US$3.3 billion) in the first quarter of the year, Financial Supervisory Commission data showed. The gain was primarily driven by a recovery in the cargo shipping industry, as companies achieved sales growth while containing costs, the commission said on Thursday. However, appreciation of the New Taiwan dollar pushed down aggregate overseas (excluding China) investment by the nation’s 1,245 listed firms 0.5 percent year-on-year to NT$5.689 trillion in the first quarter, it added. Listed firms’ aggregate investment in China totaled NT$2.224 trillion, down 2.5 percent from a year earlier, it said.
INVESTMENT
Brokers punished over bonds
A total of 14 local securities brokerages were penalized from 2013 to 2015 for irregularities related to the issuance of convertible bonds by listed domestic firms, the Financial Supervisory Commission said on Thursday. The brokerages — including Concord Securities Co (康和證券), Mega Securities Co (兆豐證券), Taishin Securities Co (台新證券), Fubon Securities Co (富邦證券) and Cathay Securities Co (國泰證券) — were found to have colluded with firms to sell convertible bonds to a number of company insiders, contravening internal control rules, the commission said. Last month, the commission imposed a six-month suspension on Concord Securities chairman Gordon Yeh (葉公亮) for violations of the Securities and Exchange Act (證交法) over convertible bonds issued by game developer XPEC Entertainment Inc (樂陞科技).
FOREIGN EXCHANGE
Yuan deposits rise slightly
Chinese yuan deposits last month increased 0.1 percent month-on-month, ending a downward trend seen in the four months prior, central bank data showed. Yuan deposits last month rose 309 million yuan (US$45.35 million) to 308.279 billion yuan, the central bank said on Thursday. Deposits at domestic banking units fell 0.02 percent monthly to 275.32 billion yuan, while yuan deposits at overseas banking units rose 1.08 percent to 32.959 billion yuan, it said.
PROTECTIONISM: China hopes to help domestic chipmakers gain more market share while preparing local tech companies for the possibility of more US sanctions Beijing is stepping up pressure on Chinese companies to buy locally produced artificial intelligence (AI) chips instead of Nvidia Corp products, part of the nation’s effort to expand its semiconductor industry and counter US sanctions. Chinese regulators have been discouraging companies from purchasing Nvidia’s H20 chips, which are used to develop and run AI models, sources familiar with the matter said. The policy has taken the form of guidance rather than an outright ban, as Beijing wants to avoid handicapping its own AI start-ups and escalating tensions with the US, said the sources, who asked not to be identified because the
Taipei is today suspending its US$2.5 trillion stock market as Super Typhoon Krathon approaches Taiwan with strong winds and heavy rain. The nation is not conducting securities, currency or fixed-income trading, statements from its stock and currency exchanges said. Yesterday, schools and offices were closed in several cities and counties in southern and eastern Taiwan, including in the key industrial port city of Kaohsiung. Taiwan, which started canceling flights, ship sailings and some train services earlier this week, has wind and rain advisories in place for much of the island. It regularly experiences typhoons, and in July shut offices and schools as
Her white-gloved, waistcoated uniform impeccable, 22-year-old Hazuki Okuno boards a bullet train replica to rehearse the strict protocols behind the smooth operation of a Japanese institution turning 60 Tuesday. High-speed Shinkansen trains began running between Tokyo and Osaka on Oct. 1, 1964, heralding a new era for rail travel as Japan grew into an economic superpower after World War II. The service remains integral to the nation’s economy and way of life — so keeping it dazzlingly clean, punctual and accident-free is a serious job. At a 10-story, state-of-the-art staff training center, Okuno shouted from the window and signaled to imaginary colleagues, keeping
Arm Holdings PLC approached Intel Corp about potentially buying the ailing chipmaker’s product division, only to be told that the business is not for sale, according to a source with direct knowledge of the matter. In the high-level inquiry, Arm did not express interest in Intel’s manufacturing operations, said the source, who asked not to be identified because the discussions were private. Intel has two main units: A product group that sells chips for personal computers, servers and networking equipment, and another that operates its factories. Representatives for Arm and Intel declined to comment. Intel, once the world’s largest chipmaker, has become the
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